SHARJAH - Dana Gas today announced its financial results for the half year ended 30th June 2022. The company generated a net profit of AED407 million or 5.8 fils per share, an 82% increase compared to an adjusted net profit (excluding reversal of impairment) of AED225 million in H1 2021.
The gains in Dana Gas's profitability in the first half were driven by elevated hydrocarbon prices, the company's continued commitment to maintaining a low-cost base and strong operational performance in the Kurdistan Region of Iraq (KRI).
The company's revenue increased 31% to AED1,041 million as compared to AED792 million in H1 2021, and its operating costs dropped 16%.
The company's realised prices averaged $87/bbl for condensate and $44/boe for LPG compared to $48/bbl and $32/boe, respectively, in H1 2021.
Given the strong operational and financial performance, the Board expects to maintain its semi-annual dividend payment in keeping with the company's dividend policy. The interim dividend will be decided by the Board at its meeting in September.
Dr. Patrick Allman-Ward, CEO of Dana Gas, commented, "Dana Gas delivered strong half-year results, supported by our robust operational performance, low-cost base and favourable energy market conditions. Despite an increased uncertainty around the global economy amid high inflation, the outlook for the remainder of 2022 is still encouraging with both energy prices and demand remaining high."
The company's cash position at the end of H1 2022 stands at AED759 million, including AED436 million held at the Pearl level.
The Group collected a total of AED660 million during the H1 2022, with the KRI and Egypt contributing AED495 million and AED165 million, respectively.